Egypt: Bonyan opens EGX's 1st full IPO of 2025 on July 6th
The company is seeking to raise EGP 1.8 billion by offering 20% to 21.9% of its shares, about 362.903 million shares, according to its IPO prospectus.
The listing includes retail and institutional tranches, with an indicative price range between EGP 4.96 and 5.44 per share.
Independent financial advisor Baker Tilly valued the stock at a fair value of EGP 7.52 per share.
Under the private placement, institutional investors and individuals with financial solvency are allocated 95% of the offered shares, representing 344.758 million shares or 20.8% of the company's shares.
This tranche is open until July 10th, with a minimum subscription of EGP 10 million and a 30-day, 15% price stability mechanism.
AS for the public offering, natural and legal persons can subscribe to the remaining 5% of the offering or 18.145 million shares, around 1.1% of the company's share, until July 15th.
Subscriptions range from a minimum of 100 shares to a maximum of 200,000 shares, with a 30-day, 100% price stability mechanism.
The final share price will be announced on July 11th.
The company will proceed with a EGP 250 million capital increase through a closed subscription of 50.4 million shares by its sole shareholder, Sky Realty Holding.
Bonyan had initially aimed to raise EGP 3 billion through the IPO, targeting a 33% stake, including EGP 2.5 billion from a secondary offering and EGP 500 million from newly issued shares.
CI Capital and Arqaam Capital are coordinating and bookrunning the offering, with Mubasher as the offering agent.
Legal counsel is being provided by Matouk Bassiouny & Hennawy. PwC is acting as auditor.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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